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EDB issues Regulatory Sandbox Licences to FinTech companies for their innovative projects

The Economic Development Board has issued the following Regulatory Sandbox Licences to FinTech companies for their innovative projects in Mauritius, pursuant to its powers conferred by Section 24 of the Economic Development Board Act 2017.

The Regulatory Sandbox Licence allows the companies to carry out their fintech projects and activities through Mauritius, even if there are no adequate provisions under any statutory enactment in Mauritius.

The projects have been recommended by the National Regulatory Sandbox Licence (NRSL) Committee, set up by the Government of Mauritius in September 2018 with a view to address all matters pertaining to Sandbox licensing for fintech activities.

The NRSL Committee is chaired by Lord Desai, of the House of Lords, and comprise the following Members:

  • Mr. François Guibert, Chief Executive Officer of the Economic Development Board;
  • Dr. Renganaden Padayachy, First Deputy Governor of the Bank of Mauritius;
  • Mr. Harvesh Kumar Seegolam, Chief Executive of the Financial Services Commission;
  • Mr. Guillaume Ollivry, Director of the Financial Intelligence Unit;
  • Mr. Yvan Caril Jean Louis, Principal State Counsel at the State Law Office;
  • Mr. Dhanunjaye Gaoneadry, Permanent Secretary of the Ministry of Financial Services and Good Governance; and
  • Mr. Mahess Rawoteea, Lead Analyst at the Ministry of Finance and Economic Development.
RSL FINTECH PROJECTS

XenTechnologies Ltd

Xen technologies Ltd has proposed a next-generation wealth management platform, which combines robo-advisory fund management, blockchain-backed custodian and conventional funds.

The platform uses robo-advisory algorithm and investment match-making through psychographic profiling, thereby providing expert investors with high-end opportunities for alternative investments.

 

SALT Technology Ltd (renewal)

The SALT project is the first lending platform for blockchain-backed loans, thus enabling holders of digital assets such as bitcoin or any other reputed cryptocurrencies to obtain cash loans using those assets as collateral.

 

SelfKey Foundation (renewal)

Selfkey is a blockchain-based, decentralized identity management system which provides open source tools for identity owners and relying parties, including financial institutions, immigration by investment programs, fintech companies and exchanges to safely and securely share information while complying with international data protection regulations.

KYC-Chain is a B2B KYC management dashboard which helps relying parties ensure regulatory compliance with international AML/KYC/CDD acts and best practices by integrating microservices like identity verification (IDV), sanctions screening and direct connections to government databases such as company registries into a streamlined workflow solution.

 

PIRL

PIRL is a blockchain implementation that strives to improve the accessibility of cryptocurrency and its related technologies; spurring an evolution of the crypto space through research, innovation, and dedication.

The leading problem facing digital currencies is that people lack the technical knowledge to take advantage of them. PIRLs goals are centered around the idea of PirlApp, decentralized application which simplifies the process and creates a more intuitive experience for everyone.

 

Crowd Invest Ltd

Olive Crowd project is a financial technology company which serves as an online equity crowdfunding platform where entrepreneurs looking to raise equity finance can easily connect with investors who are seeking to discover and invest in exciting new startups and growth companies.

 

Fusion X

FusionX seeks to establish a FIAT enabled crypto currency exchange with offices and staff domiciled in Mauritius and its technology platform running on distributed server infrastructure spanning across the globe.

The proposed exchange will be geared towards servicing institutional clients. Retail clients will also be targeted.

 

FundKiss

Fundkiss Technologies Limited, operating under the name of “FundKiss”, applied for a Crowdlending activity under the Regulatory Sandbox Licence.

FundKiss leverages on the power of its community (the crowd of lenders) to support SMEs with an alternative fast financing solution. Moreover, lenders can invest in local companies, thereby enjoying solid returns while supporting the local real economy. FundKiss empowers people who want to make an impact locally and support Mauritian SMEs.

 

FinClub

FinClub P2P platform will provide an alternative mode of borrowing funds for the borrowers at competitive and affordable rates, agreed after a matching process between investors. The process will include investors and borrowers. In a nutshell, FinClub P2P platform will propose credit and capital solutions to individuals, SMEs and associations.

 

Be Mobile

Be Mobile Limited intends to operate an innovative eWallet service based on blockchain and leveraging on cryptocurrencies to transfer money and exchange currency at zero to low cost.

 

 

For more information on Regulatory Sandbox Licence, please contact the EDB’s Financial Services Division on +230 230 3800 or finserv@edbmauritius.org

Economic Development Board